Consumer Finance
Raast Car Diminishing Musharakah

The BOK offers financing of Car under the Shariah Complaint product i.e. Car Diminishing Musharakah which is structured under the concept of Diminishing Musharakah (Joint Ownership).

  • The BOK and Customer enter in to agreement of D.M where both parties contribute their equity (Investment) as per agreed ratio. 
  • The share of BOK will be divided into number of Units. The customer will purchase these Units one by one periodically until he/she becomes the sole owner of the Car.
  • Mode of Rental Payment: Postdated cheques
  • The vehicle will be registered in the Joint name of Customer & BOK. Original File (if available) of vehicle along with copy of registration book and duplicate key to be retained by BOK, till full and final adjustment of facility.
  • Premature Termination is allowed as per BOK Islamic Banking Group’s Procedure
  • Tenure of financing is One to Five years
  • Customer Investment/Equity Ratio should be minimum 30% of the value of asset
  • Rental / Profit Rate is 01 Year KIBOR + Minimum Spread 2.0 % (Spread depends on risk rating of a customer)
  • Repayment Frequency is Monthly.
  • Age of applicant should be 21 to 55 years in case of salaried person and 21 to 60 years in case of businessman
  • Period of Employment/Engagement in Business or Profession is 02 years for Salaried and 03 years for Businessman
  • Personal guarantee of the customer.
  • Takaful of the vehicle duly consigned in favor of BOK.
  • Salaried employees of Provincial & Federal Governments, Public sector enterprises, Semi Govt. and Autonomous Bodies, Multinational companies, Public & private sector recognized Companies, Hospitals & Educational Institutions, Blue Chips Pakistani Companies. (Listed on Stock Exchange), Contractual Doctors of MTI hospitals of KPK and Professors of Public Sector Universities are eligible to Raast Car Musharakah facility subject to the condition that their contract remain valid within the total tenure of the bank’s facility.

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